Navigant (NCI) Surpasses Q2 Earnings And Revenue Estimates
Zacks Investment Research | Aug 09, 2019 08:17AM ET
Navigant Consulting, Inc. (NYSE:NCI) reported solid second-quarter 2019 results wherein both earnings and revenues outpaced the Zacks Consensus Estimate.
Adjusted earnings per share (from continuing operations) of 29 cents beat the consensus estimate by 7 cents and came ahead of the year-ago figure by 11 cents. The bottom line benefited from strong operating performance, favorable net interest costs, lower depreciation and amortization and lower share count in the current year period.
Total revenues of $223.1 million increased 20.8% from the prior-year quarter. Revenues before reimbursements (RBR) of $196.6 million beat the consensus estimate by $10 million and improved 19% year over year. The top line benefited from robust growth in managed services (including solid performance at the Health System Solutions [HSS] venture, which started its operations in July 2018) and continued solid growth in Healthcare and Energy consulting. These were, however, partially offset by lower RBR within the Financial Services Advisory and Compliance (FSAC) segment.
Apart from releasing its earnings report, Navigant announced that it will be acquired by Guidehouse (a portfolio company of Veritas Capital) in a $1.1 billion all-cash transaction. Per the proposed merger, subject to shareholder and regulatory approval and fulfillment of other customary closing conditions, Navigant shareholders will receive $28.00 in cash for each Navigant share upon closing of the transaction.
So far this year, shares of Navigant have gained 16.3% compared with 27.1% rise of the Zacks Investment Research
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